Steel Dynamics Inc., adjusted current assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current assets	6,901,023)	4,258,447)	4,253,025)	4,032,657)	3,508,342)
Adjustments
Add: Allowances for credit losses	6,161)	8,209)	15,867)	17,495)	15,036)
After Adjustment
Adjusted current assets	6,907,184)	4,266,656)	4,268,892)	4,050,152)	3,523,378)

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Steel Dynamics Inc., adjusted total assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	12,531,234)	9,265,562)	8,275,765)	7,703,563)	6,855,732)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	73,061)	47,100)
Add: Allowances for credit losses	6,161)	8,209)	15,867)	17,495)	15,036)
After Adjustment
Adjusted total assets	12,537,395)	9,273,771)	8,291,632)	7,794,119)	6,917,868)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

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Steel Dynamics Inc., adjusted total liabilities

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	6,211,063)	4,917,336)	4,210,910)	3,816,334)	3,549,424)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	73,061)	47,100)
Less: Deferred tax liabilities²	854,905)	536,288)	484,169)	435,838)	305,949)
After Adjustment
Adjusted total liabilities	5,356,158)	4,381,048)	3,726,741)	3,453,557)	3,290,575)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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Steel Dynamics Inc., adjusted total Steel Dynamics, Inc. equity

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total Steel Dynamics, Inc. equity	6,304,641)	4,345,164)	4,075,834)	3,935,071)	3,351,574)
Adjustments
Less: Net deferred tax asset (liability)¹	(854,905)	(536,288)	(484,169)	(435,838)	(305,949)
Add: Allowances for credit losses	6,161)	8,209)	15,867)	17,495)	15,036)
Add: Redeemable noncontrolling interests	211,414)	158,614)	143,614)	111,240)	111,240)
Add: Noncontrolling interests	(195,884)	(155,552)	(154,593)	(159,082)	(156,506)
After Adjustment
Adjusted total equity	7,181,237)	4,892,723)	4,564,891)	4,340,562)	3,627,293)

¹ Net deferred tax asset (liability). See details »

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Steel Dynamics Inc., adjusted capitalization table

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Current maturities of long-term debt	97,174)	86,894)	89,356)	24,234)	28,795)
Long-term debt, excluding current maturities	3,008,702)	3,015,782)	2,644,988)	2,352,489)	2,353,145)
Total reported debt	3,105,876)	3,102,676)	2,734,344)	2,376,723)	2,381,940)
Total Steel Dynamics, Inc. equity	6,304,641)	4,345,164)	4,075,834)	3,935,071)	3,351,574)
Total reported capital	9,410,517)	7,447,840)	6,810,178)	6,311,794)	5,733,514)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	73,061)	47,100)
Add: Lease obligations under operating leases (included in Accrued liabilities)²	17,822)	17,702)	17,532)	—)	—)
Add: Lease obligations under operating leases (included in Other liabilities, noncurrent)³	82,252)	72,614)	57,897)	—)	—)
Adjusted total debt	3,205,950)	3,192,992)	2,809,773)	2,449,784)	2,429,040)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(854,905)	(536,288)	(484,169)	(435,838)	(305,949)
Add: Allowances for credit losses	6,161)	8,209)	15,867)	17,495)	15,036)
Add: Redeemable noncontrolling interests	211,414)	158,614)	143,614)	111,240)	111,240)
Add: Noncontrolling interests	(195,884)	(155,552)	(154,593)	(159,082)	(156,506)
Adjusted total equity	7,181,237)	4,892,723)	4,564,891)	4,340,562)	3,627,293)
After Adjustment
Adjusted total capital	10,387,187)	8,085,715)	7,374,664)	6,790,346)	6,056,333)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Lease obligations under operating leases (included in Accrued liabilities). See details »

³ Lease obligations under operating leases (included in Other liabilities, noncurrent). See details »

⁴ Net deferred tax asset (liability). See details »

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Steel Dynamics Inc., adjusted net income attributable to Steel Dynamics, Inc.

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net income attributable to Steel Dynamics, Inc.	3,214,066)	550,822)	671,103)	1,258,379)	812,741)
Adjustments
Add: Deferred income tax expense (benefit)¹	318,617)	45,736)	48,331)	59,243)	(139,948)
Add: Increase (decrease) in allowances for credit losses	(2,048)	1,822)	(1,628)	2,459)	623)
Add: Other comprehensive income (loss)	(3,993)	1,909)	(308)	301)	—)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	32,748)	20,006)	6,797)	(2,574)	(6,945)
After Adjustment
Adjusted net income	3,559,390)	620,295)	724,295)	1,317,808)	666,471)

¹ Deferred income tax expense (benefit). See details »

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Steel Dynamics Inc. (NASDAQ:STLD)

Adjustments to Financial Statements